Apple Now Treated as Bank by US Consumer Financial Protection Bureau

The US Consumer Financial Protection Bureau (CFPB) will now regulate Apple as if it were a bank, due to the popularity of Apple Pay. This decision means that the CFPB will have the power to monitor and regulate Apple's policies and practices in regard to its mobile wallet services. The proposal was finalized and will take effect from next month. Apple Pay is the most popular mobile wallet service in the US, with over 60% of the population using it.